30-year mortgage rates hold steady

Rates on 30-year mortgages didn't budge from last week, mortgage company Freddie Mac said Thursday. Read the full article here.

Fannie Adds Incentive to Avoid Foreclosure

Beginning in July, Fannie Mae will allow financially troubled home owners to complete a "deed in lieu of foreclosure" or a short sale and be eligible to apply for a new Fannie-backed mortgage in two years.

Currently, borrowers who have completed a deed-in-lieu must wait four years to apply for a loan that Fannie will purchase. Home buyers who go through foreclosure must wait five years.

All these waiting periods can be reduced further, if the potential buyer can show extenuating circumstances. "We are beginning to think about post-recession, how you address borrowers who became unemployed through no fault of their own ... and now deserve the right to re-enter the housing-finance system," said Federal Housing Association Commissioner David Stevens.

Source: The Wall Street Journal, Nick Timiraos (04/26/2010)

Hint - Paint Cans

How many times have you looked on the label of a used, yet still relatively new, paint can only to find all the important instructions covered with paint drips? It happens because we wipe our brushes clean on the lip of the can-once that lip fills up with paint, it runs over the side and covers the instructions.

OK. So here's what you do: Put a strong rubber binder over the vertical middle of the can and wipe your paint off on it.

Hint - Main Drain

You're a homeowner and you're a busy person, which means at least one thing: You don't have a lot of time to tend to some of the little-yet important-aspects of home ownership. This post comes to you as a reminder to check in with the little things.
For instance: Are all your showers, sinks, and toilets draining quickly and smoothly? If not, it may be time to call the people at Roto Rooter and have them send someone out to clean your main line to the street (otherwise, you might end up with sewage in your basement). For those of you who aren't currently experiencing drainage difficulties, listen up, because this is good preventative maintenance, too.

Making Home Affordable Program

The Obama Administration’s Making Home Affordable Program includes opportunities to modify or refinance your mortgage to make your monthly payments more affordable. It also includes the Home Affordable Foreclosure Alternatives Program for homeowners who are interested in a short sale or deed-in-lieu of foreclosure. Find out more at http://makinghomeaffordable.gov/

March Market Statistics

Number of Homes sold
Bonneville 110
Jefferson 13
Madison 15

Average Price of Homes Sold
Bonneville $155,862
Jefferson $174,154
Madison $203,967

Average Days On the Market
Bonneville 123
Jefferson 102
Madison 185